Petrobras deepens cost cuts to counter Brazil fuel subsidies
Petrobras is stepping up cost-cutting measures to avoid a fourth straight profit decline amid losses derived from government fuel subsidies.
OPEC to maintain output due to stable market
The oil market is stable and supply shortages can be covered, so the Organization of Petroleum Exporting Countries has no reason to change its production levels, according to Saudi Arabia’s oil minister.
Norway oil unions break off wage talks raising risk of new walkout
Two of three Norwegian oil-worker unions broke off talks with employers over pensions, the issue that led to their longest strike two years ago, raising the risk of a new walkout. The unions, whose members account for less than half of the 7,615 workers covered by the negotiations, rejected the offer made by the Norwegian Oil and Gas Association, which represents companies such as Statoil ASA and Exxon Mobil Corp., the association said. Talks will now move to public mediation, where failure to reach a deal could lead to a strike.
YPF SA’s profits soar after Respol exit
YPF SA, Argentina’s largest company, said first-quarter profit gained 129% on higher oil and gas production.
Oil industry risks $1.1trillion of investors’ cash, study says
Oil explorers like Exxon Mobil Corp. and OAO Rosneft risk wasting $1.1trillion of investors’ cash through 2025 on expensive, uneconomic projects from the Arctic and deep seas to tar sands, according to a study. That’s the sum the industry may spend on developments that need market prices of at least $95 a barrel to break even, the Carbon Tracker Initiative said. The money risks being wasted as the total amount of oil the world can afford to burn without warming the planet to unsafe levels is available from less costly deposits that are economical at $75 a barrel, according to its report.
Poland’s biggest oil company continues major Canadian expansion
PKN Orlen SA, Poland’s biggest oil company, agreed to buy Birchill Exploration Ltd to double its crude production in Canada.
Rebels block oil shipments in eastern Libya
Rebels blocking oil shipments from eastern Libya threatened to occupy two ports just weeks after they restarted cargo loadings, jeopardizing a revival in shipments from the North African country.
Encana to buy acreage in South Texas for $3.1bn
Encana Corp. will buy acreage in the Eagle Ford shale in Texas for about $3.1billion from Freeport- McMoRan Copper & Gold Inc., doubling crude oil production at Canada’s largest natural-gas producer.
Vietnam prepared to act on China rig in disputed waters
Vietnam said it is prepared to take measures over China’s placement of an exploration rig in disputed waters, as the U.S. called the Chinese move “provocative and unhelpful” given recent regional tensions.
Respol makes final break with Argentina’s YPF SA
Repsol SA, Spain’s largest oil producer, sold a 12% stake in Argentina’s YPF SA for $1.26 billion.
First Reserve’s Sabine Oil to buy troubled Forest
First Reserve Corp.’s Sabine Oil & Gas agreed to buy struggling Forest Oil Corp. in an all-stock transaction to create one of the biggest energy producers in East Texas.
API boosts Keystone campaign as Senate vote looms
Television ads sponsored by the oil industry’s main trade association are being broadcast in five states to pressure Democrats to back the Keystone XL pipeline, part of a flurry of last-minute lobbying before a Senate vote as soon as this week.
General Electric’s Alstom bid falls short on jobs
General Electric Co.’s $17 billion offer for Alstom SA’s energy business is not good enough, said French President Francois Hollande, who seeks further job guarantees.
Anadarko Petroleum’s profits surpass analysts’ predictions
Anadarko Petroleum Corp., the global explorer that discovered more than 6 billion barrels of oil and natural gas in the past decade, reported first-quarter profit that surpassed analysts’ estimates as the company raised its 2014 forecast.
Rebel attacks hit Colombian crude production
Colombian crude production sank to a 20-month low in April as Marxist rebel attacks and community protests curbed output amid continuing peace talks in Havana.
Spectators cut bullish oil wagers on record US supply
Record U.S. crude stockpiles spurred speculators to cut bullish oil bets to the least in five weeks just as futures dropped below $100 a barrel for the first time in almost a month.
Nigeria must diversify beyond oil insists minister
Nigeria needs to diversify its income beyond oil exports by finding ways to generate more taxes from other industries, Finance Minister Ngozi Okonjo-Iweala said.
Energy powers try to resolve Ukrainian gas dispute
European Union officials are meeting Russian and Ukrainian counterparts for their first three-way meeting to resolve a natural-gas pricing dispute before escalating tensions disrupt EU energy supplies.
Angola may exempt oil companies from services tax
Petroleum explorers including Total SA and BP Plc in Angola, Africa’s second-largest crude producer, will probably be exempt from a consumption tax, the head of Ernst & Young’s local unit said.
Exxon’s profit weathers international sanctions against Russia
Exxon Mobil Corp. posted higher-than- expected profit as international sanctions against Russian interests clouded the U.S. oil explorer’s efforts to tap some of the world’s biggest crude reserves.
Finlayson outed over ‘pace’
BG Group Plc executive chairman Andrew Gould said there would be “no sacred cows” as the oil producer considers selling assets to boost shareholder returns.
BG records earnings drop after Finlayson departure
BG Group, whose chief executive officer resigned this week, said first-quarter earnings fell 3% as crude oil output in Egypt declined further.
Sudan’s pound slumps amid oil threats
Sudan’s pound slumped to a record against the dollar in the black market as the war in South Sudan threatens to curb foreign-exchange inflows from oil shipments.
Gazprom to build pipeline to Austria as EU sanctions expand
OAO Gazprom agreed with oil and gas producer OMV AG to extend a planned natural gas pipeline into Austria, on the same day the European Union expanded sanctions against Russian officials.
Qatar’s royal family offers $1.5bn cash for Heritage Oil
Al Mirqab Capital SPC, a company controlled by Qatar’s royal family, offered to buy Heritage Oil Plc for 924 million pounds ($1.5 billion) in cash.